Wirecard shares plummet amid Singapore accounting scandal

A further report by the FT, published Feb. 1, claimed that an external law firm hired by Wirecard found evidence indicating “serious offences of forgery and/or of falsification of accounts” at its Singapore office.

According to the paper, the law firm, Rajah & Tann, was given a mandate on May last year to conduct an independent probe into the affair.

Wirecard rebutted the story at the time as “inaccurate, misleading and defamatory.” The article nonetheless put significant pressure on Wirecard’s share price, sending it down almost 30 percent on the day.

On Feb. 4, Wirecard said that it had hired the aforementioned law firm to review accounting practices at its Singapore office following allegations brought forward by an employee, but that the investigation had so far found no findings of criminal misconduct.